Non-Domiciled Deemed-Domiciled

Non-Domiciled Deemed-Domiciled

We have had dealings with clients who fall into the above category.

If you fall into this category then there are lots of planning opportunities.

The Remittance Basis

Remittance basis users don’t pay UK income tax or capital gains tax on non-remitted overseas income or capital gains. They do pay UK tax on UK income and capital gains, onshore and offshore bond chargeable event gains, and un-taxed overseas income and capital gains remitted to the UK.

If you have foreign income and/or foreign capital gains and you are UK resident but not domiciled in the UK, you can choose to be taxed on the remittance basis. If you do choose this option you may have to pay a charge of £30,000 or £50,000, known as the remittance basis charge, for each tax year in which you use the remittance basis.

Prior to the 6th April 2013, you could also choose to be taxed on the remittance basis if you had foreign income and you were resident but not ordinarily resident in the UK. However, from that date the concept of ordinary residence has been abolished for tax purposes.

Other Options

There are other options away from the remittance basis by using various offshore tax schemes which many of the major international investment banks seem to avoid using. We believe that if your investment bank is currently recommending the remittance basis then you should certainly consider reviewing your circumstances with an Independent Financial Adviser who will work on your behalf to establish the best structure for your assets.

if your investment bank is currently recommending the remittance basis then you should certainly consider reviewing your circumstances...

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Summary

This is a highly specialised area which most people find confusing. We have links with an accountant who also possesses specialised knowledge in this area and are happy to work together to try and ensure that your wealth is not compromised by poor tax planning decisions.

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Mission Statement

Our mission is to connect clients with sound opportunities in a tax efficient, forward thinking and transparent nature. We aim to utilise technology to allow a fully interactive service which will engage and educate to the highest standard.

Testimonials

We at Torpoint have been dealing with Jason Bleanch for over 7 years and have found him to be very professional, helpful and responsive. We have always taken his advice and have found the advice to be in our best interest. He is very good at offering products to suit our needs and our risk profile.

Torpoint, Torpoint LTD

After an extremely bad experience with my first financial advisor I was introduced to Tom Mannion by a friend. Tom listened, understood my objectives and then carried out an extensive review and produced a very concise report outlining his solution to my problems. Not only did he rectify the inherited problems, he stabilised the situation and then produced returns well above my expectations.
The proposals were definite, easy to understand and more importantly, easily monitored. I have been delighted with his dedication and certainly recommend him as an effective financial advisor.

Every care has been taken to ensure that this information is correct and in accordance with our understanding of the law and HM Revenue & Customs practice, which may change. Furthermore the content of this site is informative and should not be deemed as financial advice. You should speak to an Independent Financial Adviser prior to acting on anything published on this site.